Can I file my own GST returns?
A return is a document containing details of income which a taxpayer is required to file with the tax administrative authorities. This is used by tax authorities to calculate tax liability.
Under GST, a registered dealer has to file GST return that includes:
- Output GST (On sales)
- Input tax credit (GST paid on purchases)
Who has to file GST Return?
In the GST regime, any regular business has to file three monthly returns and one annual return. This amounts to 37 returns in a year.
The beauty of the system is that one has to manually enter details of one monthly return – GSTR-1. The other two returns – GSTR 2 & 3 will get auto-populated by deriving information from GSTR-1 filed by you and your vendors.
There are separate returns required to be filed by special cases such as composition dealers .
What are the types of GST Returns?
Here is a list of all the returns to be filed under the GST Law.
GSTR 3B is a simple return that businesses need to file in the first two months of GST (July and August, 2017). The government has postponed the filing of GSTR 1, 2 & 3 for July and August, 2017 in order to give businesses some time to adjust to GST.
There is no buyer-seller reconciliation for July & August. There is no late fee or penalty levied for the months of July and August in the case of delayed return filing.
2. A dealer opting for composition scheme :
A composition dealer will enjoy the benefits of lesser returns & compliance along with payment of taxes at nominal rates. A composition dealer will file only 2 returns:
There are prescribed formats for each of the above of the returns. The forms may seem complex and difficult to understand.
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